The crime vs the privilege of self-laundering

Marianna Meriani

Journal of Money Laundering Control, 2016, vol. 19, issue 4, 426-431

Abstract: Purpose - This paper aims to explain the pros and cons of the crime of self-laundering and of the voluntary discovery rule in light of the recent reform of the Italian criminal law system. More specifically, it focuses on the Italian anti-money laundering legislation as introduced by law no. 186 of 15 December 2014 that has dismissed the privilege of self-laundering. Design/methodology/approach - To reach such an aim, a comparative approach has been adopted, focusing first on the crime of money laundering as previously described by Article 648bisof the Italian Criminal Code and on the reasons underlying the adoption of the so-called privilege clause and, subsequently focusing on its discipline in a common law system, the USA. Afterwards, there is the analysis of the above mentioned reform, focusing on the ratio of the new crime of self-laundering to tackle financial crimes and allow capital return from abroad.Nevertheless, considering how recent the reform is, the absence of case law on the subject has made it difficult to well evaluate its implications. Findings - The analysis shows how Article 648bisof the Italian Criminal Code has been the safeguard against self-laundering incriminations. Originality/value - Therefore, it points out the importance of the reform in light of the concerns stemming from the privilege of self-laundering (for example, propagating the effects of the crime of self-laundering). In addition, it highlights the importance of a strict interpretation of the new crime to assure its compatibility with the criminal law principles of legality and fragmentation.

Keywords: Anti-money laundering; Self-laundering (search for similar items in EconPapers)
Date: 2016
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Persistent link: https://EconPapers.repec.org/RePEc:eme:jmlcpp:jmlc-02-2015-0005

DOI: 10.1108/JMLC-02-2015-0005

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